Leading cooling products manufacturer, Blue Star, has initiated its Qualified Institutions Placement (QIP) offer with a floor price set at Rs 784.55 per equity share, aiming to raise Rs 1,000 crore to support its expansion strategies.
The Executive Management Committee at its meeting on Monday to approve the opening of the offering, scheduled for 18 September 2023.
According to the company’s regulatory filing, to establish the floor price in accordance with SEBI ICDR Regulations. Each equity share holds a face value of Rs 2.
Additionally, the company has the discretion, as approved by shareholders on 15 September 2023, to offer a discount of up to 5 per cent on the floor price for the QIP.
A subsequent meeting of the Blue Star Executive Management Committee, to be held on Friday, will determine the final issue price of the equity shares allocated to QIP buyers.
Earlier last month, Blue Star disclosed its plans to raise Rs 1,000 crore from the market to support its growth plans.
